The initial public offering of American Life Insurance Company (ALICO) may be soon at hand. Alico’s parent, New York-based American International Group, Inc. (AIG) says it will accelerate steps to position ALICO as an independent entity.
Financially strapped AIG announced in March it would seek an IPO of ALICO, which would have a board of directors and management team for ALICO separate from AIG. Alico is a provider of life insurance, accident and health insurance, retirement planning, and wealth management solutions. It has 40,000 agents and brokers, 11,000 employees and 19 million customers worldwide.
“Our ability to weather current economic conditions across all of our markets demonstrates the strength of our operations, diversification of our platform, confidence of our customers and support of our distribution partners.” Rodney Martin, Jr., Chairman and CEO of ALICO said in a statement.
Alico plans to be public listed in New York, depending on market conditions and subject to regulatory approval.
“We continue to consider all strategic options through a robust, structured and disciplined process. At this stage, we expect that a public offering for ALICO will be beneficial to all stakeholders, including U.S. taxpayers, policyholders, employees and distribution partners,” added Edward Liddy, Chairman and CWO of AIG.
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